Press Release
VICOR Wins Major Contract to Install its New Retail
Lockbox Module in a High Volume Scannables Environment
High-Volume Installation Will Include OPEX IEM
Support, Components for ARC/Check Conversion, Credit
Card Authorization, Return Item Processing
Contact: Mike Dignen, VICOR, Inc.
610-524-5950 or mdignen@vicor.com
Richmond, CA, March 24, 2003 - VICOR, Inc.,
a leading provider of end-to-end solutions for image-enabled receivables
processing, announced today that it was awarded a major
contract to install the new retail lockbox component
of its flagship RIDS (Receivables Information Delivery
System) platform in a high-volume environment. The
contract is the first for VICOR's Retail Lockbox module,
which
provides RIDS users with unique capabilities for seamlessly
processing retail, wholesale, and whole-tail lockbox
payments. The contract also represents the first installation
of RIDS to use RIDS in a configuration that includes
the popular OPEX Image Export Module (IEM), and the
first installation to leverage the new credit card authorization,
return-item processing, and ARC/check conversion components
of RIDS.
The client's name and the terms of the contract cannot
be disclosed at this time. Installation and testing of
the RIDS retail system will begin this quarter. RIDS
will replace an incumbent vendors lockbox system. VICOR
won the contract in part because of its track record
in high-volume operations and its demonstrated ability
to streamline payment processing to lower operations
costs, reduce information float, improve quality, and
deliver multi-media outputs.
Although 80 percent of the processor's volume is scannable
remittance work (single check and a single stub), the
client required a platform that could efficiently process
the other transaction types. Key labor-saving elements
of the RIDS retail implementation are VICOR's Forms Processing
and Robot Keying modules. To automate forms-based transaction
processing, the RIDS installation will employ: advanced
forms definition; user-configurable, multi-form optical
character recognition (OCR) processing; forms removal;
and integrated transfer of form landmarks and data-location
coordinates to the Robot Keying module. The Robot Keying
module uses advanced recognition technology to read machine-printed
and handwritten characters on checks and documents, converting
them into digital data. The module eliminates the slow,
labor-intensive and error-prone manual keying of remitter
data. The Forms Recognition module removes the need to
create (pre-defined) document templates - a difficult
task in many operations, which process a wide range of
document types.
"Processors are under increasing competitive and
cost pressures to find flexible and secure receivables
solutions
that can seamlessly handle a variety of payment and document
types,'' said Bob Kirk, President and Chief Operating
Officer of VICOR. ``Winning this major contract just
months after introducing the RIDS retail module is further
evidence of VICOR's growing reputation as the vendor
processors trust most with their complex, mission-critical
projects. The combination of the RIDS Retail Lockbox
component and our Robot Keying module creates a value
proposition that uniquely positions VICOR in the multi-product
(retail and wholesale) arena."
About VICOR, Inc.
VICOR, Inc. (www.vicor.com) is a leading provider of
image-enabled receivables processing solutions. VICOR's
flagship product, called RIDS (Receivables Information
Delivery System), is the first payment processing and
cash management platform to offer full color images and
intra-day delivery of receivables data via the Internet
and other publishing options. Currently installed at
14 sites, RIDS processed over 90 million transactions
last year, representing $1 trillion. The company is headquartered
in Richmond, CA and is privately held.
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